Collectible Insurance Services review 5 5

[F For Fake]

Whatever happened to Orange Crush? Did he get tired of constantly trying to educate the unwashed masses, and then ascend bodily into Heaven? 

[october]

On 2/4/2020 at 9:00 PM, SweetSue said:

Quick question. Friend of mine had an expensive item destroyed in shipping she sent to someone who bought it and like you said, she sent them photos, invoice, and Sig confirmation from the buyer/receiver. She got the check within 10 days to pay the buyer/receiver yet theory never asked her or the buyer for the item back. Is that the norm, or is that because the item is considered unrepairable?

I did not have to send the item back. 

[Comical Situations]

2 hours ago, NoMan said:

 Here's the low down as I see it: The only opinion/experience that matters here is that of some one who lost a book in a fire, flood, theft from gun vault, whatever and is trying to recover from said insurance company. I mean, what else matters? All insurance companies are great at collecting premiums. "My company is sooo great!" 

+1.  This is also the feedback I am looking for.  I have yet to read anywhere an experience such as this, and for me personally, fire flood and theft are more pertinent than shipping damages.  I have not been able to find an example of someone with such a claim that was successfully paid out.  Doesn't mean it hasn't happened, just means it hasn't made it to the boards thus far.  

[october]

20 minutes ago, Comical Situations said:

+1.  This is also the feedback I am looking for.  I have yet to read anywhere an experience such as this, and for me personally, fire flood and theft are more pertinent than shipping damages.  I have not been able to find an example of someone with such a claim that was successfully paid out.  Doesn't mean it hasn't happened, just means it hasn't made it to the boards thus far.  

An example of a payout from shipping damage? I posted my example on the last page. I sold a book on eBay, it was ruined in transit, they cut a check after I showed documentation of the sale price and pictures of the damage. 

Or are you talking about a fire/flood/theft example? I've read of a few theft claims on the boards, but I don't think I've heard of any fire/flood examples. 

Edited February 6, 2020 by october

[Comical Situations]

22 minutes ago, october said:

An example of a payout from shipping damage? I posted my example on the last page. I sold a book on eBay, it was ruined in transit, they cut a check after I showed documentation of the sale price and pictures of the damage. 

Or are you talking about a fire/flood/theft example? I've read of a few theft claims on the boards, but I don't think I've heard of any fire/flood examples. 

Fire, flood or theft is primarily what I'm looking for.  Specifically a disaster or theft with a payout covering multiple items or an entire collection loss.  IMO how a loss like this is handled is the true test of an insurance company and their value to the insured.

[intlnews]

Just to be safe, I ordered an appraisal on my graded comics from ValueMyStuff.com. It's always best to have a 3rd party just in case. For the 20 bucks or so it costs to get the appraisal, I think it is well worth it. Never had a break-in, but my house is lit up like a X-mas tree at night and I have cameras around the house and where around my comic room. If an unlucky thief made it past all of that and I am home, I also have a tag team not far from me; Smith & Wesson. As former army, I am well verse in guns, ammo and close hand combat. I do not think someone would be that dumb; but, one never knows.

I currently still have my comics and other valuables listed on my homeowners, but I've been considering switching the a third party that exclusively covers collectibles. I pay around 2500 a year on my homeowners for the insurance. I believe CIC was around 1400. I just worry about the viability of the company. I know my insurance company is not going out of business any time soon. I also know there is a State reserve in case an insurance company does go under. If CIC goes under (bankrupt) and a policyholder has a claim what happens? Are they still covered under the State insurance fund?

[SweetSue]

15 hours ago, october said:

An example of a payout from shipping damage? I posted my example on the last page. I sold a book on eBay, it was ruined in transit, they cut a check after I showed documentation of the sale price and pictures of the damage. 

Or are you talking about a fire/flood/theft example? I've read of a few theft claims on the boards, but I don't think I've heard of any fire/flood examples. 

My friend got paid quickly after supplying what the buyer paid, received (pictures of the ruined item), and their shipping signature as required for delivery. Yet before, during, and after receiving the check, CI never mentioned her getting the ruined item back from the buyer. She's fine with it but was curious if she should call them and ask if they now want it. It was a one of a kind item and valued at something like 15 or 16k I think. When I saw the photos the buyer sent her it looked like the shipping company had an Elephant dance on it, it was sad. Everyone is telling her if they never asked for it during the process, (I guess after seeing how messed up it got in shipping pretty much destroyed and not repairable per the photos and the receiver freaking out) they don't or would have told her. I have no idea, but was curious what the experience was with people who have used them before.

Edited February 7, 2020 by SweetSue
spelling.

[jason4]

I haven't had a claim yet and hopefully never so but their price is reasonable (about 325 dollars per 50k) and you dont have to have an appraisal (i used ebay sold listings and dont have any 1 of a kind items)

Collectible insurance services seems good to me. 

[956Ref]

So did this end up resolving in a positive manner? I am debating on getting insurance now that the market has boomed and some of the books values have increased more than I imagined. I also want to send my books to get graded. 

Does CIS cover shipping my raw book to my presser, then to cgc, then back to me? I am looking to get insurance that will cover the trip of the book as it rounds the bases and guarantees I have coverage until it is safe back in my hands. It seems like a couple threads Ive read on this are sparse in full information. Thinking about using my homeowners state farm insurance as well, but don't know if anyone has had experience with them as well.

All info and comments would be appreciated.

[KCOComics]

32 minutes ago, 956Ref said:

So did this end up resolving in a positive manner? I am debating on getting insurance now that the market has boomed and some of the books values have increased more than I imagined. I also want to send my books to get graded. 

Does CIS cover shipping my raw book to my presser, then to cgc, then back to me? I am looking to get insurance that will cover the trip of the book as it rounds the bases and guarantees I have coverage until it is safe back in my hands. It seems like a couple threads Ive read on this are sparse in full information. Thinking about using my homeowners state farm insurance as well, but don't know if anyone has had experience with them as well.

All info and comments would be appreciated.

I'm 90% certain CIS covers shipping to the presser, but while it's in their possession, their insurance would cover it. 

What I'm not sure about is return shipping from the presser or CGC. 

[956Ref]

2 hours ago, KCOComics said:

I'm 90% certain CIS covers shipping to the presser, but while it's in their possession, their insurance would cover it. 

What I'm not sure about is return shipping from the presser or CGC. 

Thanks for this, maybe anyone else can chime in? Fill in the rest of the mystery...

[KCOComics]

4 hours ago, 956Ref said:

Thanks for this, maybe anyone else can chime in? Fill in the rest of the mystery...

I have a contact with them from when I bought the policy. He's been very responsive and always answers my questions. I'll email him in the morning. 

[KCOComics]

This is from my agent as CSI (my questions and his response) 

1) When a collector sends his book to a restoration or pressing professional to have work done, is shipping covered both ways? 

Yes…if the shipments are sent signature confirmed/required-preferably thru USPS or FedEx.  

 

2) when a collector sends his books for professional grading,  is shipping covered both ways?  Yes.

 3) Is the book covered when it's in the graders (cgc) possession? 

No.They should have coverage for consigned items when they’re in their possession.

 

4) can I give individuals interested your contact info?  YES!   I’ll be happy to answer their questions when they call me.  Feel free to forward this email. 

 

If anyone wants his contract info PM me. 

I've never had to file a claim, but they have been great with communication. 

Edited March 18, 2021 by KCOComics

[batman_fan]

On 3/19/2018 at 11:59 AM, lizards2 said:

That has been my experience as well.  The sole exception was USAA insurance.  I'm not sure if they cover collectibles, though.  I'm talking from the homeowner's / car owner's perspective.  If you can qualify for USAA insurance, I would highly recommend them.

I have USAA and had no luck getting expensive jewelry or my collection insured because of the value.  We have a second policy but with the jewelry required us to install a safe and have a monitored home alarm, both have been completed.  The safe couldn’t be a Home Depot or Costco safe, had to be a professional safe that was installed by professionals.  It was quite expensive to get done and the added insurance is not cheap.  This all stemmed from my wife losing a $5k diamond earring and finding out it wasn’t covered on our insurance plan.

[956Ref]

14 hours ago, KCOComics said:

This is from my agent as CSI (my questions and his response) 

1) When a collector sends his book to a restoration or pressing professional to have work done, is shipping covered both ways? 

Yes…if the shipments are sent signature confirmed/required-preferably thru USPS or FedEx.  

 

2) when a collector sends his books for professional grading,  is shipping covered both ways?  Yes.

 3) Is the book covered when it's in the graders (cgc) possession? 

No.They should have coverage for consigned items when they’re in their possession.

 

4) can I give individuals interested your contact info?  YES!   I’ll be happy to answer their questions when they call me.  Feel free to forward this email. 

 

If anyone wants his contract info PM me. 

I've never had to file a claim, but they have been great with communication. 

This was helpful. Thanks for asking your rep these deliberate questions. I will hit you in the pm.

[Aman619]

I once had flood damage to comics and magazines, plus walls and carpet ruined.  I added a number for the comics , no keys etc, but say 100 x $5ea, and it was paid. I’m sure it would have been a more difficult claim or it was a box of HG Silver or gold comics with a lot of value. Or if I filed for just the cheap comics, but wouldn’t have met the deductible anyway 

[NewWorldOrder]

On 3/13/2018 at 4:40 AM, comicwiz said:

And here I've thought how lucky US collectors were to have CIS. Now I know why they wouldn't be allowed to operate in Canada. What a sham!

CIS - we insure your collectibles, until they are lost or damaged

I have CIS (no claims yet thankfully),  I hate to admit but CIS is 110% in the right here.  

Take for example my last batch of 100 books I sent to CGC.  CIS covered me for a set amount less my deductible for shipping only to CGC, once received at CGC is on CGC for damage and loss until they ship it back to me.  

Shipping (In transit) = CIS coverage

At a location where you arent the owner or operator, and others are handling your inventory = not covered usually 

Edited March 19, 2021 by NewWorldOrder

[NewWorldOrder]

On 3/13/2018 at 7:28 AM, JS said:

Exactly this. CIS should cover this type of loss. It's expected when buying art that one will frame it.

 

Further, it's expected when you buy a comprehensive policy that an insurer will protect you from likely and expected issues. Getting your art frame would be one IMHO.

No

Frame store damaged the art right? Yes  So why wouldnt the frame's store insurance policy pay out?

I will say this as someone who you used to work and was a licenses Insurance agent.

#1 Goal for all insurance companies.....drum roll.......write (aka sell) policies and never pay claims

Distant #2, when there they do pay a claim make sure its the lowest amount they have to pay

#3 Appear to care about the customers so you always have people coming back

Why some of you are surprised at this is utterly weird to me.  

 

[NewWorldOrder]

On 3/12/2018 at 8:59 PM, cstojano said:

I share my CIS experience where I can. I used them for several years, no claims, no issues. Sold a chunk of the collection with two damaged items in the mail. They paid both, and then proceeded to drop me entirely. So be aware of filing more than 1 claim within a certain amount of time. 

Correct, I get why they dropped you.   Insurance companies don't make money if they deem your policy as dead weight to their book of business.  Now you can say, "well my claim was only $100, but I have given them $1000 over the years," I get that.  However, more often though one claim usually can erase all the income they received from you over all the those years, and that makes you an undesirable policy for them to keep.   All insurance is just a pool of money, and when that pool of money gets too low from claims the insurance company will drop you or raise your rates dramatically forcing you to pay or find coverage else where.   Historically for a solid Insurance company .95 out of every $1.00 they earn goes to operating expenses and claims.  So that .05 is profit, and that profit they try to invest into other outside investments to grow that .05 to more. 

[JS]

2 hours ago, NewWorldOrder said:

No

Frame store damaged the art right? Yes  So why wouldnt the frame's store insurance policy pay out?

Why some of you are surprised at this is utterly weird to me.  

 

 

man this got necro'd. You may have worked as an agent, but I have worked as an insurance attorney for 15 years you are wrong. A topic you may want to look up is subrogation. Even if host insurance isn't primary, they have an obligation to litigate on your behalf if you choose to put in a claim through their policy. CIS was wrong, but it wasn't worth the fight.

As an update, I won the case vs the frame shop and received every penny I was owed, no thanks to CIS. Frame shop didn't carry a policy - they aren't required to by law - they chose to operate without insurance, so I sued the company and the owners.

J